If you have decided to enter the world of crypto currency, one of the things you’ll need to get started is a crypto exchange. So what is are crypto exchanges and which of the crypto exchanges around should you consider using?
WHAT IS ARE CRYPTO EXCHANGES
My name is Jamine and I am here today with scisiz in crypto matters to explain what an exchange is and why you’ll need one I will also be leaving a link to each of the exchanges so you can easily find our top recommended exchanges and decide which one is right for you. If you find this article useful please let me know what you think on the comment session below and subscribe to our news letter so you can continue to explore the world of crypto currency with as all post will be sent to your inbox and in that way if you have more crypto curious thoughts on your mind we can have it sorted out.
I am sure you know the difference between bitcoin and blockchain maybe you’ve even acquired a wallet to store your crypto currency and now you want to know what the best way to actually acquire crypto are. For most people the easiest way is to purchase cryptocurrency using a crypto exchange. It’s easy fast and provides you with tools that you can use to manage your cryptocurrency. Yet you want to know if you use a crypto exchange platform, are they safe and reputable?
REASONS PEOPLE USE CRYPTO EXCHANGES
The concept of a cryptocurrency exchange should not be too hard to understand for anyone that’s ever had to offload or exchange us dollars for Euros or Japanese yen for Canadian dollars, cryptocurrency exchanges work much the same way but for digital currencies like bitcoin or Ethereum. Generally there are Four distinct reasons people use cryptocurrency exchanges and they are
- To buy cryptocurrency exchanging it with traditional fiat currency like us dollars or euros
- To trade two different cryptocurrencies like bitcoin and Ethereum and
- To store crypto currencies
- To sell cryptocurrency for fiat currency.
Crypto exchanges have existed from the early days of bitcoin as users looked to convert their US dollars into newly minted btc. These exchanges have improved significantly over the years and it’s now easier than ever to sign up and buy your first crypto.
So what should you look for in a crypto exchange? Most users rank security, low fees, solid interface, and an easy signup process as the most important factors when selecting an exchange. Some of the other important features you might want to consider are the number of different cryptocurrencies available and the overall volume of users. It’s also a good idea to check and see if the exchange you want to use is actually available where you live.
THE MOST IMPORTANT FACTOR TO CONSIDER IN A CRYPTO EXCHANGE
In my opinion, perhaps the most important factor of all is Security because no one wants to an exchange where they might get hacked or scammed. Fortunately security is where crypto exchanges have greatly improved over the last five years. Modern crypto exchanges have massive security teams in addition to third-party certification offline storage and even insurance coverage in some cases.
Perhaps the most important factor of all is Security”
JamineWe have seen that in most exchanges such as Binance, Coinbase, and others. Though there have been hacks on some major exchanges like Binance but they keep improving on their security and the crypto world in general.
HOW TO OPEN AN ACCOUNT AT A CRYPTOCURRENCY EXCHANGE
Now you might be wondering what you need to do to open an account at a cryptocurrency exchange. Most exchanges employ some form of kyc which stands for know your customer that means you’ll likely have to provide some form of verifiable identification so you might have to scan your driver’s license or passport or any form of Government issues ID depending on your country of residence. Sometimes you might even have to provide an up-to-date photo you’ll also have to provide the exchange with information like your home address date of birth and social security number. Some exchanges especially ones that only let you trade crypto for crypto don’t actually require a lot of kyc and you can sign up with just an email address but if you’re looking to swap dollars for bitcoin there’s a good chance you’ll have to provide at least some amount of kyc once you’ve actually acquired a significant amount of crypto. It’s generally a good idea to take at least some of your crypto assets off the exchange and store it on a personal wallet (Cold Wallet. You can take a look at an article here on types of wallet and how to set them up). As i mentioned earlier the security of crypto exchanges has improved significantly over the years but nothing beats being your own bank with the support of a hardware wallet.
CONCLUSION
So now you know what a crypto exchange is and how it works. If you’re ready to explore the different crypto exchanges that are available to you check out comperism table below where you can find a link to our most highly recommended exchanges to help you decide which one best suit your needs.
Do you have another crypto question on your mind let us know what it is in the comment section below and before you go be sure to hit the subscribe button so you don’t miss out on any more crypto related articles we have coming your way.
Top 5 Crypto Exchanges And There Features
 features | Visit BinanceRead review |
|---|---|
| security | API access control, Advanced access control, address whitelisting, device management, and the ability to restrict device access |
| fees | Lowest transaction fees, free deposit |
| interface | Web and mobile apps |
| Onboarding (signup) | Easy sign-up process |
| Trade Volume | over 180 digital assets available |
| Popularity | over 100 countries |
 Features | Visit FTXRead review |
|---|---|
| security | Headquartered in Hong Kong, assets held in hot wallets, separate passwords for withdrawals, Two-factor authentication (2FA) |
| fees | Competitive fees |
| interface | Web and mobile apps |
| Onboarding (signup) | Easy sign-up process |
| Trade Volume | over 290 digital assets available |
| Popularity | over 300 countries |
 Features | Visit Coinbase Read review |
|---|---|
| security | 98% of its assets in offline cold storage, Coinbase Custody, forcing the use of two-factor authentication, address whitelisting, device management, and the ability to restrict device access |
| fees | Competitive fees |
| interface | User-friendly, Web and mobile apps |
| Onboarding (signup) | Easy sign-up process |
| Trade Volume | over 40+ digital assets available |
| Popularity | over 100+ countries |
Top 5 Cryptocurrency Spot Exchanges
This ranking is updated regularly and its based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported
| # | Name | Exchange Score | Volume(24h) | Avg. Liquidity | Weekly Visits | # Markets | # Coins | Fiat Supported | Volume Graph (7d) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Binance | 9.9 | $10,943,169,11235.47% | 888 | 22,612,788 | 1681 | 395 | AED, ARS, AUDand +43 more |  |
| 2 | FTX | 8.0 | $1,147,700,07130.75% | 714 | 5,118,840 | 419 | 284 | USD, EUR, GBPand +7 more |  |
| 3 | Coinbase Exchange | 7.6 | $715,449,55135.61% | 672 | 2,069,034 | 561 | 203 | USD, EUR, GBP |  |
| 4 | Kraken | 7.3 | $204,434,98334.82% | 726 | 1,712,402 | 598 | 195 | USD, EUR, GBPand +4 more |  |
| 5 | KuCoin | 7.2 | $699,191,07931.97% | 564 | 2,887,612 | 1346 | 722 | USD, AED, ARSand +45 more |  |
